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1).A normal accounting year includes the following
(A)Absolutely 12 months
(B)Commencement of business
(C)Year end consistency
(D)Continuity of basis period
Ans: Commencement of business
2).General charges include the following EXCEPT:
(A)Professional subscription
(B)Mortgage loan Interest
(C)Research loan Interest
(D)Alimony payment
Ans: Research loan Interest
3).The carry forward loss relief principle allows losses to be carried forward to subsequent years and relieved only from profit of :
(A)Different sources
(B)New sources
(C)The same source the loss was incurred
(D)The actual source of same year
Ans: The same source the loss was incurred
4).On commencemet of business, the basis period for the 3rd year is on:
(A)On Preceding year basis
(B)Actual year basis
(C)The basis of the income of the 3rd yer
(D)Normal year basis
Ans: On Preceding year basis
5).In the case of conversion of partnership to a limited liability company, the __ rules will apply
(A)Commercement
(B)Change in accounting date
(C)conversion
(D)Cessation
Ans: Cessation
6).Where there is a merger of partnership, the older partnership will
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(B)Not cease business
(C)commence a new business
(D)change its accounting date
Ans: Not cease business
7).An individual that creates a trust either directly or indirectly is a:
(A)Trustee
(B)legatee
(C)Settler
(D)Annuitant
Ans: Settler
8).A change in the compositionn of partnership will arise on
(A)Death of a partner
(B)Cessation of the partnership business
(C)Commencement of the partnership business
(D)Retirement of a partner
Ans: Retirement of a partner
9).The current year loss relief principle allows losses to be relieved against ___
(A)Prior year profit
(B)Current year profit
(C)Next year profit
(D)Actual year profit
Ans: Prior year profit
10).The period for which the entity pays its tax on earned income is
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(B)Accounting period
(C)Assessment year
(D)Basis period
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